Nigeria: Ecobank Partners Ekiti State In Infrastructural Development Project

Ecobank is poised to consolidate its existing investment partnership with the Ekiti State Government in South-western Nigeria, with a view to ensuring infrastructural development in the State.

Ekiti State Governor, Dr. Kayode Fayemi said the state would continue the relationship with Ecobank as it prepares to actualize the “gigantic ambitions” it has in transforming the State.

Dr. Fayemi said the State has now become a huge construction site following the N20 Billion ($126 million) Bond it got from the capital market adding that the fund is now being judiciously expended on projects which include road construction and rehabilitation, Ikogosi Warm Springs and Resort as well as other initiatives.

In a move to enhance tourism in the state, the Governor also disclosed that the state has signed a Memorandum of Understanding with a South African investor that would manage the Ikogosi Warm Springs on behalf of the government.

He added that his administration is passionate about infrastructural development, and urged the bank to assist with financing and Public-Private Partnership in the aspect of capacity building for workers in charge of the state’s finance.

Fayemi said his administration was also desirous of support for its agriculture initiative as government was set to generate at least 50 per cent of its Internally Generated Revenue from the sector.

Ecobank’s CEO, Mr Jibril Aku reassured the State Government of the bank’s support in actaulising its goals, especially as the Fayemi-led administration is removing “business from government” and giving it to the public so as to allow them take ownership.

Aku said though Ekiti state is small, it has become a model in various sectors, hence the Bank’s readiness to partner it in fostering development and building infrastructure.